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Last Updated : Mar 09, 2020 05:26 PM IST | Source: Reuters

IEA warns oil producers against playing 'Russian roulette'

Birol's comments came as oil prices dropped by more than a quarter and were set for their biggest one-day fall in 29 years after Saudi Arabia ignited a crude price war in the market.

Crude Oil
Crude Oil

The International Energy Agency Executive Director Fatih Birol said that "playing Russian roulette in oil markets may well have grave consequences", adding that oil prices below $25 a barrel would lead to stop in new US shale development.

Birol's comments came as oil prices dropped by more than a quarter and were set for their biggest one-day fall in 29 years after Saudi Arabia ignited a crude price war in the market.

He added that the agency sees the potential for an oil overhang of 3.5 mln barrels per day (bpd) in first quarter due to the coronavirus outbreak.

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First Published on Mar 9, 2020 05:20 pm
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